Bagmane Prime Office REIT

Bagmane Prime Office REIT own and manage premium Grade A+ business parks located in the world's best performing micro-markets in terms of cumulative net absorption from CY2021 to CY2025 in Bengaluru, the 'Silicon Valley' of India, according to the JLL Report. The Portfolio comprises 20.3 msf of Total Area and 19.6 msf of Leasable Area, with 98.8% Committed Occupancy as of December 31, 2025. The tenant roster includes marquee foreign-headquartered multinational tenants such as Google, Amazon, a leading technology company and Nvidia, who rank among the largest companies globally in terms of market capitalization as of December 31, 2025. They are backed by the Sponsor, the Bagmane Group, Bengaluru’s largest and one of India's leading pure-play Grade A+ office owner and developer as of December 31, 2025, with almost 3 decades of experience in operating, developing, leasing and managing large format commercial real estate in Bengaluru, with a pipeline across Bengaluru, Delhi and Chennai.  The Portfolio comprises 6 premium Grade A+ business parks with 20.3 msf of Total Area, comprising 19.6 msf of Leasable Area as of December 31, 2025, including 16.6 msf of Completed Area, 1.0 msf of Under Construction Area, 2.0 msf of Future Development Area, 2 under-construction hotels totaling 607 keys with a Built-up Area of 0.7 msf and 4 solar power projects (3 operational and 1 under construction) with an aggregate annual capacity of 164.4 MW (DC), of which 91.9 MW (DC) is operational as of December 31, 2025.  They differentiate themselves by adopting a proven leasing strategy that includes (a) focusing on high quality tenants and serving as the partner of choice for foreign-headquartered multinational corporates; (b) providing tailored office spaces for tenants through built-to-suit ('BTS') solutions; (c) creating expansion opportunities within the Portfolio, which contribute to tenant retention and future growth as tenants continue to expand within the assets; and (d) developing high quality properties with best-in-class infrastructure designed to attract leading global tenants. They achieved a Committed Occupancy of 98.8% as of December 31, 2025.  They have developed long-standing relationships with the tenants and have witnessed several tenant expansions across the Portfolio. For instance, some of the top 10 tenants, namely Google, Amazon, Texas Instruments, Samsung and Volvo, have been the tenants for over 10 years, and have grown their Total Development Area by around 33.1, 13.7, 10.5, 6.5 and 20.4 times respectively, as of December 31, 2025. Out of the 7.2 msf of the total area leased between April 2022 to December 2025, 6.6 msf or 91.7% was leased to existing tenants. This has enabled to achieve a high tenant Retention Rate of 67.5% from FY2023 to 9M FY2026. On BRLM's front, Axis Capital Limited, Ambit Private Limited, ICICI Securities Limited are associated with this IPO, and has not handled any SME / Main board IPOs in last three fiscal years. ( As on 10.04.26 ) The company is managing premium Grade A+ business parks in Silicon Valley of India, Bengaluru. It has good proven track record of earnings and a respectable market share. Current REIT appears lucrative with good scope of yields from the day one of its listing. This REIT has outperformed the listed peers as per its financial data and other parameters. So we give SUBSCRIBE rating to this REIT for medium to long term.